The Stars Group raises key funds as Czech expansion is unveiled

The Stars Group raises key funds as Czech expansion is unveiled

Monday, December 11, 2017 Posted by Craig Davies
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Czech market entry and share sales revealed

The Stars Group has announced its entry into the Czech market, in addition to completing the sale of its ordinary shares of Jackpotjoy.

BetStars, the sports betting site of The Stars Group, has become the first international betting operator to service the newly regulated Czech Republic online gambling market.

Gaining its license last month, which was granted by the Czech State Supervision of Gambling and Lotteries, followed on from flagship brand PokerStars becoming the first online poker and casino operator to be licensed in the country in January of this year.

BetStars.cz will give players access to over 20 sports and specialist betting options, across desktop, web and mobile devices on Android and iOS.

Zeno Ossko, managing director of BetStars, commented: “It is a great honour to be the first international sports betting operator to launch in the Czech Republic.

“The BetStars team have worked very hard to make this a successful launch and we hope customers in the Czech Republic will enjoy the range of betting options available.”

As well as this latest launch, The Stars Group has also announced the sale of Jackpotjoy shares, totalling approximately 7.5%, for net cash proceeds of $59.5m

This is the latest move of the divestiture of its non-core gaming assets, after similar sales earlier this year.

In August it was announced net cash proceeds of $16.1m had been raised following the sale of 40.45% shares in Innova Gaming Group; this was followed up with the sale of 13.7% of shares in NYX Gaming Group which raised $26.3m.

Brian Kyle, chief financial officer of The Stars Group, said: "The successful sale of these legacy non-core investments is another step in our efforts to focus on our strategic business objectives.

"The proceeds from our recent divestiture efforts provide us with additional financial capacity and flexibility to continue to execute on our organic and external growth initiatives."

Totally Gaming says: Some could say that this move into the Czech market represents something of a risk for The Stars Group, and it will be interesting to see if they can prove the naysayers incorrect. A clear path for the future does seem to be laid out, however, following over $100m of net cash proceeds raised this year.

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